I'm planning to start my own consulting business in the UK while working full time, and I'm looking for advice on how to make the process as smooth as possible. I'm particularly interested in incorporating equity or shares as payment for my consulting services as the firm I'm going to consultant is relatively strapped for cash and I want to also be apart of that firm. Can anyone provide guidance on the steps I need to take and any legal or financial considerations I should be aware of? Or would it be better if I joined their firm and got paid in shares relative to the hours I could theoretically bill?

I'm curious about the best way to structure equity or share-based payments in the UK, and any tax implications I should keep in mind. Are there any specific laws or regulations I should be aware of when setting up my business in this way?

I'm open to any insights or experiences you can share. Thank you in advance for your help!